Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0021%/8h= +2.3% APRpaid last 24h +0.013%

Price spread now: Orderly against Injective−0.141%58s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Injective Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.178%−$18 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Orderly is 0.141% cheaper against Injective than usual: you would sell low and buy high (spread −0.141% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$14 on $10k: about 22 days of funding at the current rate (+$1 a day). Mind the row above: over the last 7 days funding on this pair cost −0.178%, so the current rate has only just turned in your favour. The two prices were read 58 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective XRP/USDC PERP	1.5560	0.0033	pay 0.0004% / 1h	4m 27s	$2K	$107K	30x
Short	Orderly PERP_XRP_USDC	1.5538	0.0055	get 0.0055% / 8h	1h 04m	$76K	$909K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee InjectivebpFee OrderlybpOrdersPrice spread, now −0.141%Rate

Funding earned: $4.46
Price spread: −0.141% → 0.000%: −$14.14
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$15.7
Costs to cover: 0.060%
Break-even: 31.7 days

Slippage unknown: Injective: live order book, 14 min ago; Orderly: no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Injective live order book, 14 min ago	44.99 bp	45.0 bp −$45	57.6 bp −$576	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

XRP on 51 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hotstuff XRP-PERP	−0.0080%	1h	1.5539	−0.135%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5532	−0.181%	$1.1M	$113K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5516	−0.283%	$9.6M	$25.2M	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0001% / S +0.0112%	1h	1.5539	−0.132%	$854K	—	200x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5539	−0.134%	$260K	—	150x	as long as short
Injective XRP/USDC PERPlong	+0.0033%	1h	1.5560	long leg	$2K	$107K	30x
Kraken Futures PF_XRPUSD	+0.0041%	1h	1.5515	−0.291%	$15.5M	$68.5M	50x	as long as short
Orderly PERP_XRP_USDCshort	+0.0055%	8h	1.5538	−0.141%	$76K	$909K	50x
Lighter XRP	+0.0096%	1h	1.5542	−0.118%	$3.0M	$12.5M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5544	−0.103%	$444K	$3.2M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XRP-PERP	+0.0100%	1h	1.5537	−0.145%	$1.1M	$5.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5538	−0.138%	$39.5M	$79.1M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5536	−0.151%	$640K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5540	−0.129%	$559.1M	$1.99B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5538	−0.141%	$346.3M	$904.0M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5536	−0.154%	$127.7M	$882.9M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5500	−0.386%	$576K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5536	−0.154%	$119K	$746K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5501	−0.377%	$1.7M	$578K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5538	−0.141%	$372.1M	$144.4M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5539	−0.135%	$300.6M	$869.5M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5539	−0.132%	$113.4M	$161.0M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5538	−0.141%	$271.2M	$366.5M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5537	−0.148%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5512	−0.306%	$11.5M	$30.4M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5481	−0.509%	$672K	$102.3M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5513	−0.301%	$1.1M	$41.1M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5496	−0.411%	$1.0M	$885K	50x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5540	−0.129%	$46K	$449K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5539	−0.136%	$42K	$66K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5541	−0.121%	$837K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5517	−0.273%	$130K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5515	−0.289%	$32K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5502	−0.371%	$50.9M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5514	−0.296%	$55.2M	$29.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5530	−0.193%	—	$10K	10x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5531	−0.189%	$484K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5533	−0.174%	$11K	$261K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5528	−0.209%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5537	−0.149%	$72K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0176%	1h	1.5537	−0.148%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0212%	1h	1.5538	−0.144%	$1.4M	$8K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5522	−0.244%	$6.0M	$47.5M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5516	−0.283%	$24.5M	$73.8M	125x	as long as short
Hibachi XRP/USDT-P	+0.0264%	1h	1.5511	−0.312%	$18K	$82K	7x	as long as short
Backpack XRP_USDC_PERP	+0.0296%	1h	1.5526	−0.219%	$1.7M	$1.0M	25x	as long as short
Kalshi KXXRPPERP	+0.0321%	8h	1.5525	−0.225%	$2.0M	$33.2M	2.9x	as long as short
Phoenix XRP	+0.0516%	1h	1.5520	−0.257%	$69K	$90K	15x	as long as short
RISEx XRP/USDC	+0.0527%	1h	1.5545	−0.095%	$509K	$630K	10x	as long as short
Hyperliquid XRP	+0.0581%	1h	1.5556	−0.026%	$291.5M	$205.2M	20x	as long as short
Aftermath Perps XRPUSD	+0.0775%	1h	1.5521	−0.254%	$1K	$11K	10x	as long as short